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Teesside Pension Fund Annual Report and Accounts for the Year

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Teesside Pension Fund Annual Report and Accounts for the Year Teesside Pension Fund Annual Report and Accounts for the year ended 31 March 2015 Index Report of those charged with Governance ................................ 3 Membership ............................................................................. 24 Head of Investments' Report ................................................... 31 Financial Statements ............................................................... 41 Auditor's Report ...................................................................... 42 Statement of Responsibilities for the Financial Statements .... 44 Fund Account and Net Assets Statement ............................... 45 Notes to the Financial Statements .......................................... 47 Actuary’s Statement ................................................................. 70 The Compliance Statement ..................................................... 72 Summary of LGPS Benefits ..................................................... 76 Contacts and further information ............................................. 79 2 Report of those charged with Governance Chairman’s Introduction During the last twelve months, equity and bond markets performed strongly again, with some indices finishing the year at all-time highs. Equity markets were volatile again as investors dealt with the US ending their quantitative easing (QE) programme and market rumours abound of increasing interest rates, the European Central Bank embarking on a full programme of QE following Greek elections, the Swiss discontinuing their currency peg to the Euro, and Japan resuming their QE programme. Strength in bond markets continued with some Governments, such as Switzerland, able to issue bonds with negative interest rate. In other words, you pay them for owning their bond. The divergence in monetary policies between the US, looking to tighten monetary policy and raise interest rates, and the Eurozone and Japan, loosening monetary policy through QE also caused the US Dollar to strengthen against other major currencies. The other big financial story of the year was the rapid demise of the oil price. The price of Brent Crude fell from over $100 a barrel to $55 at 31 March 2015. The financial performance of the Fund for the year to 31 March 2015 was positive. The Fund’s value rose to £3,244 million, an increase over the year of £195 million. The rise was due to strong equity and property markets. The membership of the Fund continues to increase, with total membership at the year end now standing at 68,054, an increase of 1,528 over last year. The number of active members has decreased by 1,168 (4.9%) over the year, and decreased by 9.1% over the past five years. The number of pensioners increased by 411 (2.0%) over the year, and increased by 20.8% over the past five years. The number of deferred members increased last year by 2,285 (10.3%), and increased by 41% over the past five years. Where a member retires early there is a cost to the Fund arising from the fact that Contributions are no longer being received for the member, and a Pension is drawn earlier than the Actuary had assumed. It is the policy of the Fund to recharge the actuarial cost of these retirements to the employers. This policy has the advantage that the Fund recovers the cost of an early retirement at the outset. For the employer the advantages are twofold; 1 the impact of retirement decisions is transparent; and 2 the cost is invoiced separately rather than being recovered in the employers Contribution Rate, which was once the case. In this financial year the Fund received over £5.5 million from these early retirement recharges, up on last year figure of £4.8 million, a 13.7% increase on last year. Every three years the Fund actuary, AON Hewitt, carries out a full actuarial valuation of the Fund. The purpose of this is to calculate how much employers in the scheme need to contribute going forward to ensure that the Fund’s liabilities, the pensions due to current and future pensioners, will be covered. Unlike most other Public Sector schemes the Local Government Scheme is a funded scheme. That means there is a pool of investments producing income which meet a significant part of the liabilities. The actuary calculates to what extent the Fund’s assets meet its liabilities. This is presented as a Funding Level. The aim of the fund is to be 100% funded, and at the last valuation the actuary was able to declare a funding level of 100%. This allowed many of the employers in the Fund to decrease the amount of their contribution for the next three years, releasing money for front-line services . The next valuation is due to be carried out in March 2016. 3 Nature of the Scheme The Teesside Pension Fund (the Fund) is part of the Local Government Pension Scheme. From April 2014 the scheme is governed by: • The Local Government Pension Scheme Regulations 2013 (as amended); and • The Local Government Pension Scheme (Transitional Provisions, Savings and Amendment) Regulations 2014. These regulations replaced the Local Government Pension Scheme (Benefits, Membership and Contributions) Regulations 2007 and the Local Government Pension Scheme (Administration) Regulations 2008. Full details of the changes to the Scheme, along with updated scheme guides, are on our website at: www.teespen.org.uk . The Regulations specify the pensions and other benefits payable and fix the rates of member contributions. Employer contributions are set every three years by the Fund Actuary. The purpose of the Fund is to provide retirement benefits for local authority employees in the Teesside area and other bodies admitted by agreement. The Fund is administered by Middlesbrough Council on behalf of all participating employers. A full list of participating organisations is given in the Membership section below. The Fund is financed by way of contributions from employers and employees, based upon a percentage of pensionable pay, and supplemented by earnings from Fund investments. The surplus funds, after payment of benefits, are invested by an Investment Panel. The Panel comprises elected members of Middlesbrough Council, representatives of the other unitary authorities, the Trade Unions and the Fund's Investment Advisers. Management of the Fund The Fund is administered by Middlesbrough Council via the Teesside Pension Fund Pensions and Investment Panel which has plenary powers to make decisions without reference to the Council. This panel acts in a similar manner to the Board of Trustees of a private sector pension fund. The day to day running of the Teesside Pension Fund is delegated to the Chief Financ e Officer of Middlesbrough Council who is responsible for implementing the strategies and policies set by the Pensions and Investment Panel. Supporting him is a team of staff split into two units. The Pensions Administration Unit is responsible for the calculation and payment of pension benefits and for looking after employer interests in the Fund. The Loans and Investment Unit manages the investment of the Fund in conjunction with the advice of the Fund’s external Investment Advisors. 4 The Teesside Pension Fund Pensions and Investment Panel Panel membership and meeting attendance during the year 2014/15 Members With voting rights 18 Jun 17 Sep 10 Dec 11 Mar Chair Councillor SE Bloundele Vice Chair Councillor J Rostron Middlesbrough Council Councillor R Brady Councillor JG Cole Councillor J Hobson Councillor N Hussain Councillor G Purvis Councillor P Sharrocks Redcar & Cleveland BC Councillor V Jeffries Stockton BC Councillor J Beall Hartlepool BC Councillor P Jackson Other Employers Mr P Fleck Without voting rights Trades Unions Unison, GMB and ACTS The current Panel consists of representatives from all the district councils in the former Cleveland County area as well as representatives from the Trade Unions. The Panel held 4 quarterly meetings during the year. The size and political make-up of the Panel is determined annually by Middlesbrough Council, and the Councillors are then nominated by each political party. Representatives of the other district Councils are nominated by them. The ‘Other Employers’ representative, is chosen by election by the admitted bodies of the Fund. Terms of Reference – Teesside Pension Fund & Investment Panel Terms of Reference 1. For Members of the Council to act as Trustees of the Fund. 2. To have delegated powers to manage the investments of the Fund within the requirements of the Local Government Pension Scheme Regulation as amended from time to time. 3. To manage the Fund in accordance with the Management Agreement: 5 (i) To ensure that the Fund complies with the Local Government Pension Scheme Regulations 1997 (as amended), the Inland Revenue requirements for Pension Funds and any other relevant statutory provision. (ii) The selection, appointment and dismissal of investment managers, scheme administrators, independent advisors and ad hoc advisors. (iii) The formulation of investment strategy and risks strategy for the Fund under its stewardship, after receiving advice from its independent advisors and the Loans and Investment Manager. (iv) Setting investments targets and monitoring the investment performance and financial control of the Funds’ assets and commissioning the preparation of actuarial valuations and accounts. (v) Ensuring that value for money is achieved from all the specialists supplying services to the Fund through a competitive and qualitative selection process and through budgetary control. (vi) Commissioning
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